USD/JPY is trading at 131.813, 0.02% up since previous day close. The mixed trading can be seen in Japanese YEN post release of Household Spending data which fell by 1.2% against the expected rise of 0.6%. Majorly, the steady USD ahead of the U.S CPI data release event this week & higher chances of smaller interest rate hikes in the near term as hinted by Fed Minutes cushioned the safe haven YEN. The USD/JPY started appreciating widely after BoJ hinted for shift to aggressive rate hike stance in coming months from ultra-loosened monetary policy. As seen in the chart, the pair is trading near the major support area of previous lows which indicates a breakdown if breached & hence, buying bias in YEN may be recommended against USD on daily basis.

INDIA50 is trading at 18088.3, 0.01% down since previous close. The INDIA50 slightly soared down on Tuesday post release of India’s retail inflation data which showed a mild rise putting a figure to 5.90% from 5.88% in the previous month. However, an upside moving U.S markets ahead of the U.S CPI data release event may turn supportive for Asian markets. Last week, the better than expected U.S Non-farm Payroll data & the positive chances of easing down restrictions in China on account of improving Covid-19 situation surged up the global markets. On regional front, the progressive industrial & economic situations support an index INDIA50. As seen in the chart, the index seems to be taking a support of MA (100) which strongly shows the chances of buying bias further.

Silver is trading at $23.504, 0.08% down since previous close. The slight profit-booking can be observed in precious metals against the steady USD ahead of the U.S CPI data release event which is to be held on Thursday. Earlier, the prices rallied as market sentiments boosted on chances of easing down Chinese Covid restrictions since China is a top consumer of metals. The better than expected U.S Non-farm Payroll data contributes to the chances of smaller interest rate hikes in the FOMC’s next meeting which further cushioned the Silver. The focus will be on Fed Powell speech today. Buying on corrective dips may be recommended for the day since the commodity is consistently taking a support of Moving Averages.